Risk Management  >  Risk Mitigation

Risk Mitigation

risk mitigation

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Risk Mitigation planning, implementation, and progress monitoring: enhancing the ability to identify, evaluate and monitor risks

risk mitigation

What is Risk Mitigation?

Risk mitigation is planning and developing methods and options to reduce threats or risks. A project team implements various strategies to identify, monitor, and evaluate risks. The major intent of risk identification and risk analysis is to prepare for risk mitigation. Mitigation involves identifying the likelihood that a risk event will occur and reducing the effect of a risk event if it does occur.

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Importance of AI-Enabled Risk Mitigation Automation

Risk mitigation is a systematic process wherein an organization proactively identifies risks across the organization and then plans necessary “actions” to prevent quality events or safety incidents.

By conducting periodic audits and inspections, and encouraging employees to report risky behavior, companies are able to get a sense of various risks. From a quality and safety perspective, it is critical that quality and safety leaders create a culture where it is okay for anyone in the organization to report “unsafe behavior” and “activities that may reduce quality performance”. The only way to proactively reduce risks is by encouraging Total Employee Involvement.

With a modern, next-generation EQMS and EHS solution, it is possible to drive efficiency and effectiveness into the risk mitigation process using cutting-edge technologies like AI and Automation. For instance, with a solution like ComplianceQuest’s Quality and Safety Management Solution, we use the CQ.AI framework to:

  • Automatically prioritize risks based on data
  • Relevant stakeholders are tagged to take swift action
  • The status of steps being taken is monitored in the Quality Control Tower and Safety Control Tower.
  • It is possible to use data analytics to analyze risks better with data at the core.
  • Collaboraion across teams is better with a modern, cloud-based EQMS and EHS like ComplianceQuest with an integrated risk management solution.
types of risk mitigation strategies

What are the types of risk mitigation strategies?

Risk Mitigation is a step-by-step process that identifies and evaluates risks and selects and implements options including detailing what should be done, who is responsible, when it should be completed, and associated cost and schedule. The most suitable strategy is selected from these mitigation options:

  • Risk Avoidance
  • Risk Control
  • Risk Transfer
  • Risk Assumption

Risk mitigation strategy must be determined for each type of risk. The major intent of the risk mitigation plan is to reduce the impact of the risk.

Risk Avoidance:

Risk avoidance is when the focus is not on eliminating the root cause or consequence of the identified risk but reconfigure the project such that the risk disappears or is minimized to an acceptable value.

Risk Control:

Risk control is when you control the risk by handling the cause or consequence by setting up early warning systems by gathering data that provide information to evaluate more precisely the impact, likelihood, or timing of a risk.

Risk Transfer:

Risk transfer is when you transfer the risk to a third party like an insurance company or subcontractor.

Risk Assumption:

Risk assumption is accepting the loss, or benefit or gain, from a risk when it occurs and where the cost of insuring against the risk would be higher over time than the total losses sustained.

 5 Why Root Cause Analysis for risk mitigation

Supplier Quality Agreements for Supply Chain Risk Mitigation and Compliance

How to Do Risk Mitigation Planning?

Risk mitigation planning is an ongoing effort that includes front-end planning of how potential risks will be mitigated and managed once it is identified. Therefore, risk mitigation strategies and specific action plans should be embedded in the project execution plan. Risk mitigation plans should:

  • Describe the root causes of identified and quantified risks

  • Assess risk interactions and common causes

  • Find out alternative mitigation strategies, methods, and tools for each potential risk

  • Evaluate and prioritize mitigation alternatives

  • Select and assign the required resources required for specific risk mitigation alternatives

  • Circulate planning results to all project participants for implementation

Risk mitigation planning should be done before completing the project design or allocating funds and should continue till the end of the project by capturing lessons learned and data that can benefit future projects.

risk mitigation maximize safety

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2 Leading US Companies use ComplianceQuest to Automate Risk Management and Maximize Occupational Safety

risk mitigation maximize safety
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Implementation of Risk Mitigation

Successful implementation of Risk Mitigation is possible with the following:

  • Defining what planning, budget, and requirements and contractual changes are needed,
  • Instructing the teams to execute the defined and approved risk mitigation plans,
  • Providing the risk reporting requirements for on-going monitoring, and
  • Archiving the change history

Risk assessment (identification and analysis) is accomplished by risk category and it is important for this process to be worked through the Risk Integrated Product Team (IPT) structure. It is essential to mitigate risk before passing it up to the next level. IPT must communicate potential cost or schedule to all levels of management while the Systems Engineer and Program Manager should understand, examine and approve the mitigation plan. The IPTs should enable effectively implemented mitigation plans and the ongoing results of the risk management process should be documented and notified.

Implementation of Risk Mitigation

Great product, support, and people to work with!

We have rolled-out CQ across our company to automate various elements of QMS requirements such as Document Management, Complaints, Non-conformances, Corrective Action (8D and A3), Supplier Management and Audit Management. We have been using the software for more than 2 years. We are glad to see how well the system is being used across the company. We have several thousand users on the system currently and working to scale the usage further. CQ solution has been configured to meet our needs, works elegantly across languages, across time zones, and business verticals. With integration between CQ and SAP to exchange critical data, the process automation provides a lot of productivity.

Lia Budiman,
Solution Consultant, Continental Contitech

continental contitech
continental contitech

ComplianceQuest Strategies for Risk Mitigation

CQ's Risk Mitigation Strategies

ComplianceQuest’s Risk Management Software provides unique AI and analytical capabilities to identify potential risks based on history and trending data along with key metrics. With embedded intelligence, quality and risk management leaders can proactively start their risk mitigation efforts before it becomes a huge challenge.

Risk Mitigation from Reactive to Proactive

Risk Mitigation from Reactive to Proactive

ComplianceQuest’s Risk Management Solution provides a complete and accurate picture of the risk assessments to analyze hazards associated with any process or activity such as Audits, CAPAs, Change, Customer Complaints, Deviations, Nonconformances, Safety analysis and Environmental impact. Stakeholders can collaborate and prioritize risk mitigation efforts to make the best strategic decisions to neutralize new risks and improve operations.

Rectify Future Problems with Risk Intelligence

Rectify Future Problems with Risk Intelligence

With CQ’s Risk Management solution, an organization can determine risk tolerance thresholds and policies to initiate a risk assessment. This enables businesses to access historical data on past risk factors using the risk register to identify and prioritize risk trends and address the highest risks to prevent future events.

Better Collaboration and Efficiency

Better Collaboration and Efficiency

In today’s information world, there are many risk types depending on the degree of criticality. So, to address those on priority and to manage them well, it is essential to evaluate them and define metrics for real-time insights. ComplianceQuest’s Risk Management is flexible and integrated to drive activities that protect and increase your organization’s value.

Real-time Single Source of Truth

Real-time Single Source of Truth

ComplianceQuest’s Risk Management solution is designed to provide management with real-time insight into key risks, risk trends, root cause, corrective and preventive action plans, and future potential of incidents for suitable strategies for risk mitigation.

Initiate the risk assessment process to identify, monitor, and evaluate risks with CQ’s risk mitigation solutions to neutralize risks and improve operations

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Quality-centric Companies Rely on CQ QMS

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  • impossible mono
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Frequently Asked Questions

  • Risk Mitigation is the process of minimizing the likelihood of a risk being realized or the impact of risk. When the risk is identified and assessed, you need to mitigate risk in several recognized ways. Some mitigating actions decrease the likelihood of the risk occurring and its impact. To properly mitigate risk, a project manager must know how to effectively and efficiently manage it. Risk mitigation techniques begin at the conception stage of the venture and are followed throughout the life cycle of the project.

    Risk Management: The main objective of risk management is to ensure that uncertainties never harm the established business goals. It is a process that involves the identification, evaluation and prioritization of risk to control the probability of its impact.

    Risk Identification: The major purpose of risk identification is to recognize, uncover and describe risks that could affect the outcome of your project. Identifying an issue and discussing it in advance is important to begin the risk management process. There are various techniques that organizations use during the identification process to establish robust risk management strategies including:

    • Brainstorming
    • Self-assessments and interviews
    • Risk surveys
    • Root cause and Checklist analysis
    • SWOT analysis
    • Influence diagrams
    • Expert judgment
    • Assumption analysis

    During this initial phase, identifying the causes of an issue and developing preventative techniques is the main focus for identifying risk.

    Risk Analysis: Once risk is identified, it is time to analyze and prioritize them to understand its greatest impact on the project.

    Planning: The planning step is more about getting ready for risk and continuous management. The following are some simple techniques that will simplify the planning process for you:

    • Evaluations and Meetings: Ongoing risk assessments and status meetings should be scheduled for the reevaluation of existing risks and the closing of risks.
    • Risk Audits: Auditing and documenting how existing risk responses are is part of the auditing process.
    • Variance and Trend Analysis: Cross-checking planned results with actual results using performance data to control and monitor risk events.
    • Technical Performance Measurement: Comparing technical performance measurement as the project is executed to what is on the main schedule.

    Risk mitigation is not only understanding and knowing when risks may arise but also planning for them and establishing an ongoing process to continually mitigate risk. With thorough identification, assessment and planning, the risk factor can be properly mitigated and the project rebuilt successfully.


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